Section 30 - Amendment of section 155 - Taxation Laws (Amendment) Act, 1984

30. Amendment of section 155. In section 155 of the Income-tax Act, (a) in sub-section (1), with effect from the 1st day of October, 1984, (i) in clause (b), after the word and figures section 264, the word or shall be inserted; (ii) after clause (b), the following clause shall be inserted, namely: (c) on any order passed under sub-section (4) of section 245D on the application made by the firm. ; (iii) for the words from the date of the final order passed , the words from the end of the financial year in which the final order was passed shall be substituted; (b) in sub-section (2), with effect from the 1st day of October, 1984,- (i) in clause (b), after the word and figures section 264, the word or shall be inserted; (ii) after clause (b), the following clause shall be inserted, namely: (c) on any order passed under sub-section (4) of section 245D on the application made by the association or body. ; (iii) for the words from the date of the final order passed , the words from the end of the financial year in which the final order was passed shall be substituted; (c) in sub-section (4), for the words from the date of the order passed , the words from the end of the financial year in which the order was passed shall be substituted with effect from the 1 st day of October, 1984; (d) in sub-section (7), for the words from the date of the final order passed , the words from the end of the financial year in which the final order was passed shall be substituted with effect from the 1st day of October, 1984; (e) after sub-section (7A), the following sub-section shall be inserted, namely: (7B) Where in the assessment for any year, the capital gain arising from the transfer of a capital asset is not charged under section 45 by virtue of the provisions of clause (iv) or, as the case may be, clause (v) of section 47, but is deemed under section 47A to be income chargeable under the head Capital gains of the previous year in which the transfer took place by reason of (i) such capital asset being converted by the transferee company into, or being treated by it as, stock-in-trade of its business; or (ii) the parent company or its nominees or, as the case may be, the holding company ceasing to hold the whole of the share capital of the subsidiary company, at any time before the expiry of the period of eight years from the date of such transfer, the Income-tax Officer may, notwithstanding anything contained in this Act, re-compute the total income of the transferor company for the relevant previous year and make the necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the capital asset was so converted or treated or in which the parent company or its nominees or, as the case may be, the holding company ceased to hold the whole of the share capital of the subsidiary company. ; (f) in sub-section (8), for the words reckoned from the date of the assessment , the words reckoned from the end of the financial year in which the assessment was made shall be substituted with effect from the 1st day of October, 1984; (g) in sub-section (9), for the words reckoned from the date of the assessment , the words reckoned from the end of the financial year in which the assessment was made shall be substituted with effect from the 1st day of October, 1984; (h) in clause (a) of sub-section (10), for the words reckoned from the date of the assessment , the words reckoned from the end of the financial year in which the assessment was made shall be substituted with effect from the 1st day of October, 1984; (i) in sub-section (10A), for the words reckoned from the date of the assessment , the words reckoned from the end of the financial year in which the assessment was made shall be substituted with effect from the 1st day of October, 1984; (j) in sub-section (10C), for the words reckoned from the date of the assessment , the words reckoned from the end of the financial year in which the assessment was made shall be substituted with effect from the 1st day of October, 1984.